In today’s briefing:
- Johnson Controls-Hitachi (JCHAC IN) | Irreparable Loss in Market Share
- Dish TV: Promoters Left in the Dark, or Is There Something Else?
- UltraTech Cement Ltd – Steep Correction Has Made Valuations Reasonable
Johnson Controls-Hitachi (JCHAC IN) | Irreparable Loss in Market Share
- Our checks suggest Hitachi Home & Life Solutions India Ltd (JCHAC IN) has lost market share this season.
- Market share loss has come on the back of poor product quality due to focus on costs and competition, which is irreparable in spite of the strong dealer network.
- Poor capital allocation, high receivables and low-profit margins, all warrant attention.
Dish TV: Promoters Left in the Dark, or Is There Something Else?
- The legal tussle between promoters of Dish TV India (DITV IN) and Yes Bank (YES IN) has again entered into the limelight.
- The promoters of Dish TV, after repeatedly attempting to block Yes Bank from voting, have been left in the dark by the Bombay High Court’s verdict.
- However, Mr. Goel still continues to sit on the board which irked several investors. This indicates that the story is not over and there are still some grey areas.
UltraTech Cement Ltd – Steep Correction Has Made Valuations Reasonable
- Market share gains for Ultratech will be difficult going forward
Sizeable improvement in EBITDA/mt for Adani possible: Holcim group’s aggregate EBITDA/mt is ~Rs200/mt lower than Ultratech’s for the past three years or so.
Valuation multiples have room to grow for the combined ACC-Ambuja entity
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